KUALA LUMPUR: Majuperak Holdings Bhd (Majuperak) posted a net profit of RM39.13 million for its fourth quarter (Q4) ended December 31, 2020 (FY20), marking a substantial jump from a loss of RM6.68 million in the same quarter previous year.
The company also achieved an improved revenue of RM18.92 million.
Group chief executive officer Nizran Noordin said the company remain focused on efforts to grow organically as it expand and tap into opportunities within the value chain.
"Our key business segments of property development and management, facility management as well as renewable energy continue to contribute positively to the group.
"The group's revenue for the quarter were primarily derived from partly recognising the sale of 130.16 acres land in Mukim Sg Terap amounting to RM12.96 million, followed by trading and merchandising sales, facility management proceeds as well as property and land rental," he said in a statement today.
Also contributing to the better profit was a fair value (FV) adjustment to investment properties amounting to RM51.93 million.
This was due to the adoption of the FV model for investment properties as per the Malaysian Financial Reporting Standard (MFRS) 140.
The one-time revaluation resulted in a net surplus of RM44.8 million for Q4.
For the 12-month period ended December 31, 2020, the group registered a net profit of RM35.77 million on the back of a revenue of RM35.73 million.
"As the economy continues to see a recovery, we are confident that we are well-poised to leverage on viable prospects ahead.
"We look forward to solidifying our core businesses while we explore potential partnership and collaborations over the long-term as we build on our strengths and expertise," Nizran said.